Hong Kong Private Home Completions Plunge 95% in July

The supply of new private homes in Hong Kong saw a dramatic slowdown in July 2026, with residential completions plummeting 95% month-over-month, according to an analysis of government data by Ricacorp Properties. Housing starts also came to a near-standstill, signaling potential constraints in the city's future housing pipeline.

A Sharp Monthly Contraction

Data from Hong Kong's Buildings Department, which tracks the issuance of occupancy permits, revealed a steep drop-off in activity for July. The sharp decline follows a much stronger performance in the previous month.

• Private Home Completions: Dropped to 186 units in July from 3,532 in June. The units came from two projects: a 140-unit building in Sham Shui Po and the 46-unit "The Summit" project in Kowloon Tong.
• Housing Starts: Only 1 unit began construction during the month, a decline of over 99% from the 344 units started in June and the lowest level in five months.

Year-to-Date Trends Show Sustained Slowdown

The July data extends a weaker trend seen throughout the year. On a year-to-date basis, both completions and new construction projects are lagging significantly behind last year's pace, hitting multi-year lows.

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In the first seven months of 2026, a total of 8,100 private homes were completed, a 31% drop from the 11,759 units in the same period last year and a three-year low. The slowdown is even more pronounced for construction starts, with the 2,668 units that broke ground from January to July marking a 47% year-over-year decline and a 16-year low for the period.

Analyst Outlook

Despite the sharp monthly drop, full-year completions may still align with official forecasts, according to Chan Hoi-chiu, Head of Research at Ricacorp Properties. Chan noted that the 8,100 units completed so far account for approximately 47.7% of the Rating and Valuation Department's full-year forecast of 16,975 units.

Ricacorp anticipates an acceleration in the second half of the year as several large-scale developments are expected to receive their occupancy permits. The firm projects that the total number of private home completions for 2026 will reach approximately 17,000 units.